Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Receives Average Rating of "Buy" from Brokerages

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) have earned a consensus rating of "Buy" from the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $146.14.

Several research firms recently weighed in on LGND. Wall Street Zen cut Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. Oppenheimer boosted their price objective on Ligand Pharmaceuticals from $142.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Finally, Stifel Nicolaus began coverage on Ligand Pharmaceuticals in a research report on Thursday, April 10th. They set a "buy" rating and a $143.00 price objective for the company.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza purchased 1,500 shares of the business's stock in a transaction on Friday, May 9th. The stock was purchased at an average price of $104.06 per share, with a total value of $156,090.00. Following the acquisition, the chief financial officer directly owned 27,932 shares in the company, valued at approximately $2,906,603.92. The trade was a 5.67% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Andrew Reardon sold 1,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $104.00, for a total value of $104,000.00. Following the completion of the transaction, the insider directly owned 32,903 shares of the company's stock, valued at approximately $3,421,912. This trade represents a 2.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,000 shares of company stock valued at $218,310 in the last quarter. Corporate insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new position in shares of Ligand Pharmaceuticals in the 1st quarter worth approximately $32,000. GF Fund Management CO. LTD. acquired a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth approximately $43,000. Smartleaf Asset Management LLC raised its holdings in shares of Ligand Pharmaceuticals by 119.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company's stock worth $43,000 after buying an additional 221 shares in the last quarter. Redwood Park Advisors LLC acquired a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth approximately $48,000. Finally, Sterling Capital Management LLC raised its holdings in shares of Ligand Pharmaceuticals by 825.4% in the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company's stock worth $59,000 after buying an additional 487 shares in the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Price Performance

NASDAQ:LGND traded up $0.73 during trading hours on Friday, reaching $114.39. The company's stock had a trading volume of 52,056 shares, compared to its average volume of 118,156. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -16.07 and a beta of 0.84. Ligand Pharmaceuticals has a one year low of $85.18 and a one year high of $129.90. The business's 50-day moving average is $108.41 and its 200-day moving average is $110.00.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.10. The firm had revenue of $45.33 million during the quarter, compared to analysts' expectations of $37.84 million. Ligand Pharmaceuticals had a negative net margin of 73.07% and a negative return on equity of 7.83%. During the same period in the prior year, the company posted $3.84 earnings per share. On average, sell-side analysts predict that Ligand Pharmaceuticals will post 1.73 EPS for the current fiscal year.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.